- Bullish Bitcoin Driving Dogecoin Higher to $0.2300
- Tesla & Twitter CEO in The B-Word” Conference – Driving Cryptos Higher
- Today’s idea is to place a buy stop over $0.23000 level to target $0.2530
The DOGE/USD moves at $0.225810 after placing a high of $0.232920 and a low of $0.196890. Dogecoin price forecast remains bullish as it saw its biggest daily gain on Monday since 23rd June. The pair reached above the $0.230000 level amid the prevailing bullish market sentiment.
If you are interested in trading DOGE/USD with forex robots, check out our guide.
Bullish Bitcoin Driving Dogecoin Higher to $0.2300
The whole cryptocurrency market was experiencing inflows amid the rising prices of BTC/USD. When dropped below the $30,000 critical support level, the leading cryptocurrency managed to get the attention of institutional investors who were long awaiting the prices to fell to grab the opportunity to enter the market.
The impulsive buying of a dip in BTC/USD lifted its price upward and pushed BTC/USD higher towards $40,000. Alongside, Bitcoin is also pushing Dogecoin higher, taking its price towards $0.2300
Tesla & Twitter CEO in The B-Word” Conference – Driving Cryptos Higher
The recent positive comments from Tesla CEO along with Twitter CEO in “The B-Word” conference added further strength to the prices of bitcoin.
The inflows in the entire crypto market pushed the market capitalization higher. About $114 billion was added to the market, and that’s supporting increased cryptocurrency adoption. The rising popularity of cryptocurrency also played an essential factor in the reversal of the crypto market trend.
Dogecoin, a meme-based cryptocurrency, also followed the prevailing market trend and gained traction in the market. The DOGE/USD rose on Monday and reached its highest since 7th June. Meanwhile, Elon Musk, a supporter of Dogecoin from the beginning, has shared a dogecoin theory that proclaims the meme coin was not a speculative asset but rather money.
This statement from Elon Musk added further strength to already rising prices of DOGE/USD and pushed its prices even higher on Monday. The cryptocurrency was also not affected by the rising strength of the U.S. dollar and remained high on board on Monday.
Stronger Dollar Pressures DOGE/USD Price at $0.2300
The U.S. Dollar Index was above 93.0 level on the day as the greenback gained strength because of the risk-off market sentiment driven by the rising fears of coronavirus. The increasing infection cases worldwide due to the Delta variant raised concerns that economic recovery will remain slow.
Hence, the U.S. dollar gained traction because of its safe-haven status. Despite rising prices of the U.S. dollar, the cryptocurrency DOGE/USD remained green on the day as the whole market was moving higher.
Dogecoin Price Forecast – Technical Levels
Support Resistance
0.194010 0.199920
0.190090 0.201910
0.188100 0.205830
Pivot Point: 0.196000
Dogecoin Price Forecast – Technical Outlook: Doge Retests $0.2300 Resistance
Dogecoin price forecast is bullish on Monday as the pair has already violated the triple top pattern. On the 4-hour timeframe, the DOGE/USD pair has broken the primary resistance level of 0.2065 level. Now the same level is working as a support for Dogecoin.
The oscillator tool Stochastic is holding in a buying region over 50, demonstrating a bullish bias among investors.
Alongside, the 50 periods EMA (Exponential Moving Average – Red Line) is supporting a bullish trend. Doge has crossed over the 50 EMA at 0.2000 level, and the closing of candles over this is indicating a bullish trend.
Taking a look at candlesticks, the recent bullish engulfing candles over 0.2068 level is supporting odds of a bullish trend. However, the DOGE/USD may find resistance at the 0.23000 level. A bullish breakout of 0.23000 level can extend buying trend until the next resistance level of 0.2532 level.
The DOGE/USD price forecast remains bullish, however, it’s not worth taking a buying trade until the 0.2300 level is violated. Therefore, the forex trading participants may wait for a 0.2300 breakout to take a buying position with a target of 0.2530 and 0.2700 levels. All the best.
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